Choppy Market today... Anyone else

dajuicer · Jan 28, 2008

Trade the ES only today and very whippy. I always stay out the first half hour and trade on 3 and 5 min candlestick but today switched to 133 tick chart and finally did okay.

Just have to wait out those whippy areas and if they don't settle down then u either stay out or get chopped.

good luck boys.

D

John_IL · Jan 28, 2008

Quote from ProfitTakgFool:

No. Some traders try to use ADX but that is such a lagging indicator it's useless. Think about using a strategy that buys very oversold areas and sells overbought areas. Don't put your whole wad on with 1 trigger. Since you are paper trading you can afford to lose lots of money finding your way. Just keep buying a move down and see what happens. You'll get wacked but you'll be able to find where you eventually won. Once you can isolate those areas you can work on eliminating the triggers you got beat on. EXTREME patience is the key. None of us are born with it but EVERYONE can learn it.

Stop looking for trends. By the time you find one it's too late. You're better off fading it once it turns but like anything, this takes time to learn.
More...

Thank you this is great advise

NY0BScalper · Jan 28, 2008

I traded only 10k shares today - 25% my average. Had a few morning moves in my stocks and otherwise watched the choppiness. I wasn't seeing the customer orderflow today. Didn't have anything decent past 10:05. Definitely a chop day. Luckily I got out of it positive. Seems like everyone is waiting for Bernanke.

Emini_Elvis · Jan 28, 2008

After looking at the bid ask action today its clear... Today was panic buying

John_IL · Jan 28, 2008

Quote from ProfitTakgFool:

Alright guys, I'm posting my fills for the day with a lot of stuff removed. I don't want to give everything away

Where on this chart did I try to "catch a move?" Nowhere. If you stop trading patterns, stop looking for trends, and just trade on hard facts you'll do much better. Most traders try to "catch a move." Doing that converts you from a trader to a forecaster, or a predictor. It means you become a bull or a bear. You "think" or "want" the market to do something. If you wait until the actual move does occur, and ENDS, you are now trading on hard, cold facts. You know the move has occurred. There is no guessing, no hoping, no nothing. You just fade it. Buy what everyone else is selling and sell what everyone else is buying.

There are times you won't have perfect timing. Don't put your entire line on the trade with 1 trigger. You can scale into a trade if the first trigger doesn't work. Take a partial when the market offers it to you.

I nailed every trade today except the last 2. The one circled....I had to leave so I just had to get out, +.25. It hit my target. The last one...I just got back and scalped a quick 3 ticks. The rest of 'em were pretty good.

I ain't the perfect trader -- that guy ain't out there. But if you can remove the guesswork from your job you will be light years ahead of the crowd. No guessing or "catching" anything here and it netted me 17.25.

Fade what everyone else is doing when the price gets to extreme levels. Take profits like a fool and forget the rest. You don't have to catch any kind of a move to make money. Leave that guesswork to the rest of the crowd. Just fade what they do. And yes, the market is dead F'n random. I win based on that assumption every single day.
More...

I really like your idea.
Basically you are going against the trend? Buying on the bounce and selling at resistance?
What indicators do you use besides charts?

Thanks for posting the chart.

John_IL · Jan 28, 2008

robbie380 · Jan 28, 2008

Quote from ProfitTakgFool:

Today was a great day to trade. Shit, they're all great if you scrap needing a trend.
More...

lol if you thought today was a great day then i don't even want to know how excited you got when we gapped down 500.

samus · Jan 28, 2008

Quote from ProfitTakgFool:

Alright guys, I'm posting my fills for the day with a lot of stuff removed. I don't want to give everything away

Where on this chart did I try to "catch a move?" Nowhere. If you stop trading patterns, stop looking for trends, and just trade on hard facts you'll do much better. Most traders try to "catch a move." Doing that converts you from a trader to a forecaster, or a predictor. It means you become a bull or a bear. You "think" or "want" the market to do something. If you wait until the actual move does occur, and ENDS, you are now trading on hard, cold facts. You know the move has occurred. There is no guessing, no hoping, no nothing. You just fade it. Buy what everyone else is selling and sell what everyone else is buying.

There are times you won't have perfect timing. Don't put your entire line on the trade with 1 trigger. You can scale into a trade if the first trigger doesn't work. Take a partial when the market offers it to you.

I nailed every trade today except the last 2. The one circled....I had to leave so I just had to get out, +.25. It hit my target. The last one...I just got back and scalped a quick 3 ticks. The rest of 'em were pretty good.

I ain't the perfect trader -- that guy ain't out there. But if you can remove the guesswork from your job you will be light years ahead of the crowd. No guessing or "catching" anything here and it netted me 17.25.

Fade what everyone else is doing when the price gets to extreme levels. Take profits like a fool and forget the rest. You don't have to catch any kind of a move to make money. Leave that guesswork to the rest of the crowd. Just fade what they do. And yes, the market is dead F'n random. I win based on that assumption every single day.
More...

I agree with you... on extreme moves to the upside, I usually short and wait for price to come back to the EMA for a fairly decent profit. I ended up ok today, but probably would've been better served to sticking to one strategy instead of multiple strategies. I think I just made it more complicated than it needed to be. Tomorrow's another day.

eddie--d · Jan 28, 2008

Quote from dajuicer:

Just have to wait out those whippy areas and if they don't settle down then u either stay out or get chopped.
More...

Good advice. One tiny trade today. Short BIDU at about 2:45 on support line break. Took 3 1/2. It gave more but the day's chop made me too touchy.

traderpro · Jan 28, 2008

Quote from eddie--d:

Good advice. One tiny trade today. Short BIDU at about 2:45 on support line break. Took 3 1/2. It gave more but the day's chop made me too touchy.
More...

You gotta love bidu, i found some action during the day in the AH sndk and vmw had some nice moves.

Market was up if the stock your watching is not moving don't make the mistake, go and find another. Biggest mistake traders make is on a tough trading day they don't know what to do.